WANdisco Plc Significant contract renewals and expansions (7293Q)

TIDMWAND

RNS Number : 7293Q

WANdisco Plc

30 June 2022

30 June 2022

WANdisco plc

("WANdisco" or the "Company")

Significant contract renewals and expansions

Contracts valued at $2.5m in aggregate

Sticky client relationships through mission-critical products

Potential to grow in largely untapped Chinese market

WANdisco (LSE: WAND), the data activation platform, is pleased to announce it has secured two contracts with leading information and communications technology providers (the "Providers") in China. The contracts are valued at $2.5 million in aggregate with approximately 50% of the value recognized as revenue immediately and were secured directly by WANdisco. The contracts represent a renewal and significant expansions of two existing licence agreements with key clients.

The Providers chose WANdisco for its unique technology and because it was the only solution capable of synchronizing client data across distributed development teams in different geographies. These contracts signify WANdisco's deepening relationships with its customers and show how the Company's mission-critical solutions become an integral part of its customers' development infrastructure.

These contracts are structured as limited perpetual licences with annual maintenance for 5 years.

WANdisco CEO and Chairman David Richards, commented:

"China remains a largely untapped market for us where we are steadily building a presence with our direct sales channel and reseller relationships. In this case, the clients are both global companies with a presence in multiple geographies. The expanded contracts showcase both the strength of our strategic alliances and the mission-critical nature of our products. China is also one of the largest markets in the world for IoT, a key strategic avenue for the Company going forwards.

The major reorganization of our direct sales function and go-to-market strategy is now clearly bearing fruit with greater pipeline visibility, lower operating costs and expanded use case opportunities for our products. We now have a solid platform to grow in this key strategic market and see a strong pipeline of potential opportunities."

For further information, please contact:

 
 
    WANdisco plc                               via FTI Consulting 
    David Richards, Chief Executive Officer 
     and Chairman 
    Erik Miller, Chief Financial Officer 
 
 
                                               [phone] 
    FTI Consulting                              1137 
    Matt Dixon / Kwaku Aning / Tom Blundell 
 
                                               [phone] 
    Stifel (Nomad and Joint Broker)             7600 
    Fred Walsh / Richard Short 
 
     Panmure Gordon (Joint Broker)              [phone] 
     Erik Anderson / Alina Vaskina              2500 
 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

The person responsible for arranging for the release of this announcement on behalf of WANdisco is David Richards, Chief Executive Officer and Chairman of WANdisco.

About WANdisco

WANdisco is the data activation platform for accelerating digital transformation at scale. WANdisco makes infinite data actionable across clouds and enterprises in real time. WANdisco customers unleash the business value of the cloud with zero downtime, data loss, or disruption to fuel AI and machine learning, create new services, and transform businesses. For more information about WANdisco, visit www.wandisco.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCDBGDLXDDDGDC

(END) Dow Jones Newswires

June 30, 2022 02:00 ET (06:00 GMT)